Patria Group’s Interim Report for 1 January – 30 September 2026

Patria’s strong net sales growth continued – operating profit more than doubled

The third quarter of 2026

Patria’s strong net sales growth continued in the third quarter across all business areas. In January–September, the Group’s net sales increased by 40% to EUR 933.5 million (EUR 669.2 million). Profit performance was excellent: operating profit rose to EUR 113.9 million (EUR 48.2 million), and the operating profit margin increased to 12.2% (7.2%). Strong growth also led to a significant improvement in profitability, and all business areas were ahead of the corresponding period last year in terms of both net sales and profit.

Patria’s new orders in January–September amounted to EUR 871.9 million (EUR 882.1 million), slightly below the comparison period. Orders in the comparison period included a significant vehicle order from Denmark. In the third quarter, the Defence and Weapon Systems business area stood out with its strong order intake. During the first nine months of the year, new orders were received broadly in line with deliveries, and the order stock at the end of September was EUR 3,522.8 million, at the level recorded at the end of 2025 (EUR 3,526.1 million).

In September 2026, Patria launched a new strategy programme that will define the company’s long-term direction and strengthen its culture, leadership and ways of working. Patria has also continued its investment programme to respond to growing demand and to develop its offerings for enhanced customer value and competitiveness. The company has continued in 2026 its comprehensive internal development programme, playing a pivotal role in achieving the planned growth, profitability and delivery capability ambitions for the upcoming years.​​ A significant portion of operational efforts have been directed toward increasing production capability to meet the growing demand for armoured vehicles and weapon systems.

Millog’s result for January-September was below the comparison period due to a change in revenue recognition in the second quarter. In the third quarter, Millog’s result was better than in the comparison period. Nammo had a greater positive impact on operating profit in the third quarter compared to the corresponding period in the previous year.

Key events during the third quarter

• Finland, Norway and Latvia signed a Statement of Intent (SOI) concerning development and cooperation related to Patria TRACKX armoured tracked vehicles at the 2026 NATO Summit in Ankara in July. The purpose of the SOI is to share information on the further development of the Patria TRACKX vehicle and the results of field trials, and it enables the participating countries to explore potential joint procurements of the vehicle as well as joint development.
• Patria and Ukrainian drone manufacturer General Cherry signed a Letter of Intent in August on cooperation and starting drone production in Finland. The cooperation combines General Cherry’s drone expertise with Patria’s expertise in unmanned systems and broad experience in the defence industry.
• In August, Patria demonstrated in Tokyo the remote operation of a Patria AMV vehicle located in Finland from a distance of more than 7,800 kilometres, utilising drive-by-wire technology, secure 5G connectivity and real-time situational awareness.
• In September, Patria announced that it will deliver the MUSCL passive radar system to a European NATO member country.
• Finland and Sweden proceeded with the first procurements of Patria TRACKX tracked vehicles on 30 September, and deliveries are intended to begin in 2027.
• At the end of September, Patria and KNDS Deutschland strengthened their cooperation in the CAVS 6x6 vehicle programme, including the assembly and final integration in Germany of Patria 6x6 vehicles for the German Armed Forces.

Outlook

Demand for Patria’s products and services continues to grow strongly. Growth is further boosted by several EU-originated initiatives that support defence materiel procurement and development, as well as the increase in defence budgets in European NATO countries.

Net sales growth is expected to be strong in 2026, supported by an increased order stock and a positive demand environment. Good level of growth is expected to be generated by all Patria’s business areas. Overall, the outlook remains positive.

The impact of the geopolitical situation and general economic uncertainty on long-term development in the operating environment is difficult to evaluate. These factors could potentially have significant direct and indirect impacts on the demand and Patria’s operations.

Further information:

Päivi Lindqvist, Chief Financial Officer, Patria, [email protected]  

Patria is a modern and international defence and technology company with over 100 years of experience. Through our top-notch experts and Protected Mobility, Defence and Weapon Systems and Sustainment Solutions business areas, we ensure reliable operations for our customers and serve as a partner in critical functions on land, sea and air – when if is not an option. Patria’s operating countries include Finland, Sweden, Norway, Latvia, Belgium, the Netherlands, Germany, Poland, Slovakia and Japan.
Patria is owned by the State of Finland (50.1%) and Norwegian Kongsberg Defence & Aerospace AS (49.9%). Patria owns 50% of Nammo, and together these three companies form a leading Nordic defence partnership. www.patriagroup.com